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Retail sales grow by 3%

'People are spending more than they earn' in the shops

Leading economists have warmly welcomed the latest rise in retail sales, but caution that the rise is based on consumers spending more than they earn.

Real household disposable income is negative and going down, and this is basically telling you that people are definitely feeling the feel-good factor of the Help to Buy scheme pushing up house prices.

People are prepared to spend more than they earn. This is bad growth but I'd rather have bad growth than no growth.